Visteon (VC) to Buyback $500.00 million in Outstanding Shares
Visteon (NYSE:VC) declared that its Board of Directors has initiated a share buyback program, which permits the company to repurchase $500.00 million in shares on Tuesday, January 16th, EventVestor reports. This repurchase authorization permits the auto parts company to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
A number of equities analysts have weighed in on the company. Guggenheim reiterated a “buy” rating and set a $154.00 price objective on shares of Visteon in a research note on Wednesday, January 10th. Zacks Investment Research upgraded Visteon from a “hold” rating to a “buy” rating and set a $141.00 price objective for the company in a research note on Saturday, January 6th. B. Riley lifted their price objective on Visteon from $140.00 to $162.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. Longbow Research assumed coverage on Visteon in a research note on Friday, January 5th. They set a “buy” rating and a $160.00 price objective for the company. Finally, Royal Bank of Canada reiterated a “hold” rating and set a $138.00 price objective on shares of Visteon in a research note on Wednesday, December 20th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Visteon presently has a consensus rating of “Buy” and a consensus target price of $132.31.
Shares of Visteon (VC) traded down $5.65 during trading on Tuesday, hitting $132.38. The company had a trading volume of 132,350 shares, compared to its average volume of 211,871. The company has a current ratio of 1.97, a quick ratio of 1.76 and a debt-to-equity ratio of 0.47. Visteon has a 1 year low of $86.10 and a 1 year high of $140.64. The stock has a market cap of $4,140.00, a price-to-earnings ratio of 25.31, a PEG ratio of 1.34 and a beta of 0.86.
In related news, CEO Sachin Lawande sold 2,500 shares of Visteon stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $126.05, for a total value of $315,125.00. Following the completion of the transaction, the chief executive officer now owns 8,595 shares in the company, valued at approximately $1,083,399.75. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In the last 90 days, insiders sold 15,000 shares of company stock valued at $1,932,325. 0.19% of the stock is owned by company insiders.
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Visteon Corporation is a global automotive supplier that designs, engineers and manufactures electronics products for original equipment vehicle manufacturer (OEM), including Ford, Mazda, Nissan/Renault, General Motors, Honda BMW and Daimler. The Company operates through Electronics segment. The Electronics segment provides vehicle cockpit electronics products to customers, including instrument clusters, information displays, infotainment, audio systems, telematics solutions and head up displays.
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